GBP/JPY – 1H – BUYThe pair British Pound/Japanese Yen (GBP/JPY) goes from the bullish trendline down.
A bearish movement downwards to the next support at 196.59900 is considered certain.
Caution: A possible counter-trend in the direction of the resistance line at 198.94600 could happen.
Consider stop-loss settings accordingly.
And also a ‘Bullish Belt Hold’ candlestick chart pattern is discovered. The chart shows ‘Bullish Belt Hold’. which is a positive signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bullish Belt Hold’ going up is 71% (Bull Market) & 71% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 199.55300 |
| Next High | 198.94600 |
| Current Price | 196.99800 |
| Next Low | 196.59900 |
| 2nd Low | 196.43900 |
| 3rd Low | 195.74500 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Belt Hold